Timbaland says his virtual rap battle show -- featuring the likes of RZA and Lil Jon -- is catching the eyes of entertainment bigwigs ... but he and Swizz Beatz ain't ready to sell out just yet!!! The mega-producer joined "TMZ Live" and gave the lowdown on "Verzuz" -- the super-popular IG Live program he and Swizz Beatz created. 

 If you're not one of the millions of people who've tuned in to see T-Pain battle Lil Jon, Mannie Fresh destroyed by Scott Storch or RZA go up against DJ Premier, you're missing out on what Timbaland says is the next big thing in entertainment ... and many of Hollywood's movers and shakers agree. Timbaland tells us "Verzuz" is already generating a lot of corporate interest -- and he names names -- but he told us, right now, he and Swizz are keeping things natural and fun and do it for the culture. 

Translation: We ain't selling. At least not during the nearly nationwide quarantines. Afterward ... well, that's a different story. Keep in mind, Timbaland and Swizz didn't even promote the series, they just started it -- they originally went head-to-head -- and it grew organically. Now, Ja Rule wants to take on 50 Cent on "Verzuz." Fans want that battle badly, and Timbaland told us if their dreams will come true.

via TMz.com